The U.S. trade deficit narrowed slightly more than expected in January to $59.1 billion, as U.S. exports rose to a new record and imports declined, a Commerce Department report showed on Friday.

The monthly trade gap shrank 3.8 percent from December and was less than the median forecast of $59.7 billion made by Wall Street analysts surveyed before the report.

The narrowing of the trade gap comes after it set an annual record for the fifth straight year in 2006. Last year's deficit totaled $765.3 billion, the Commerce Department said, up slightly from a preliminary figure published last month.

U.S. exports, which have been aided by a weaker U.S. dollar and stronger foreign economic growth, rose 1.1 percent in January to $126.7 billion.